Middle East

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Goldman Sachs said on Friday that it expects OPEC+ will announce a second consecutive supply increase for June on July 1 due to the modest compliance of Kazakhstan, lower than expected OECD inventory levels, and Saudi Arabia’s ability to deal with lower oil prices. The Wall Street bank expects the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to announce a 410,000-barrel-per-day (bpd) increase in supply for June in its meeting on Saturday, from its prior estimate of 140,000 bpd, according to a note. Three sources said on Friday that the OPEC+ summit was moved from Monday to...

The companies announced on Friday that North Sea oil producer EnQuest would not make an offering for UK-based Serica Energy as they could not reach an agreement on favorable terms in time due to market volatility. At 1623 GMT, EnQuest shares fell about 5% to 13.14 pence. Serica shares rose 0.3% to 127 pence. Serica announced in March that it was in discussions with EnQuest regarding a potential deal. The termination comes amid an economic wave of uncertainty caused by the sweeping tariffs that U.S. president Donald Trump has imposed around the world. Energy prices have been dragged down by...

Saudi Arabia's economy expanded in the first quarter thanks to activity in non-oil sectors as the country continues its diversification away from hydrocarbons. Flash estimates released by the government's statistics authority on Thursday showed that the kingdom's real Gross Domestic Product (GDP), as measured in dollars, increased 2.7% from the previous year. The government agency updated and expanded their data collection, and stated that its nominal and real GDP series had been revised accordingly. When we met with people, they always wanted more information, more statistics and more data. The local demand for more data is what drives this, said...

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

Bloomberg News reported Monday that Woodside Energy was in discussions with an overseas division of Kuwait Petroleum about selling a stake in their Louisiana liquefied gas plant. The report was based on people familiar with the matter. Kuwait Foreign Petroleum Exploration is also looking at securing LNG from the project. Other companies are interested in both LNG and equity, according to the report. Woodside Energy and Kuwait Foreign Petroleum Exploration did not respond immediately to comments. Woodside, Australia’s largest gas producer, agreed earlier this month to sell a 40 percent stake in its Louisiana Liquefied Natural Gas plant to U.S....

Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil...

QatarEnergy increased the term price of al-Shaheen oil loading for June by $1.76 a barrel over Dubai's quotes, according to trade sources on Wednesday. The increase was the first in three months, and it came after a premium of $1.29 a barrel for cargoes loaded in May. Dubai and Oman, Middle East benchmarks for crude oil, also saw increases this month. This was due to increased buying interest after the drop in oil prices. They said that the producer sold two cargoes at a price premium between $1.68 and $1.75 per barrel over Dubai's quotes. One cargo was sold to...

Kuwait is taking steps to merge its two state-owned oil companies, reported the news agency Kuna on Tuesday. The OPEC producer wants to restructure their energy industry. Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC), Kuna reported citing KNPC Chief Executive Officer Wadha Al-Khateeb. KIPIC is in charge at Al Zour Refinery, while KNPC oversees Kuwait's refinery industry. Al-Khateeb, cited by Kuna as saying that the rapidly changing global oil and gas industry places a huge responsibility on the energy sector of a country to adapt to and enhance such changing dynamics. Kuna reported...

Donald Trump stated on Monday that he believes Iran intentionally delays a deal on a nuke with the United States. He also said Iran must give up any efforts to develop a nuclear weapon, or else face a possible strike on Tehran's nuclear facilities. Trump said to reporters that he believes the Iranians are using us as pawns. He made this statement after U.S. Special Envoy Steve Witkoff had met with a senior Iranian government official in Oman, on Saturday. Iran and the United States both said that they had "positive" and constructive" talks in Oman. The second round of...

His press secretary warned reporters Friday, ahead of Saturday's talks between U.S.-Iran delegations. White House Press Secretary Karoline Leavitt stated that Trump's "ultimate goal is to ensure that Iran cannot obtain a nuclear weapons" and that Trump believed in diplomacy. However, she added that "all options" are available if diplomatic attempts fail. "He's made it clear to the Iranians and his team of national security will do the same, that all options were on the table and Iran had a choice. The president believes that if you don't agree with President Trump's demands, there will be hell to pay. Leavitt...

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

The oil prices rose in the early Asian hours of Friday, after China announced that it was open to talks with the United States. This raised hopes for a deescalation of the bitter trade war between two world's largest economies. Brent crude futures increased 38 cents or 0.6% to $62.51 per barrel at 0136 GMT. U.S. West Texas Intermediate Crude futures also rose 38 cents or 0.6% to $59.62 per barrel. China's Commerce Ministry said on Friday that the United States had recently taken steps to start a dialog with Beijing through information being passed along by relevant parties. Oil...

The oil prices stabilized on Thursday, a day following a sharp decline caused by the signs that Saudi Arabia may increase its output, and data showing the contraction of the U.S. economy, the largest oil consumer in the world. Brent crude futures dropped 6 cents or 0.1% to $61 per barrel at 0730 GMT. U.S. West Texas Intermediate Crude Futures fell 12 Cents, or 0.2% to $58.09. WTI reached its lowest level since March 2021. Sugandha Sasdeva, founder and CEO of SS WealthStreet in New Delhi, said that the "path of least resistance" remains to the downside. Sachdeva stated that...

The oil prices rose slightly on Thursday after sharp drops the day before, driven by signs that Saudi Arabia can produce more and the fact that the U.S. economic contraction in the first quarter. Brent crude futures increased 16 cents OR 0.3% to $61.22 per barrel. U.S. West Texas Intermediate Crude Futures rose 6 cents, or 0.1% to $58.27. The two contracts closed Wednesday at their lowest levels in four years. Sources say Saudi Arabian officials have informed allies and experts in the industry that the kingdom does not want to support the oil market by cutting further supplies and...

Washington is seeking to increase pressure on Tehran by imposing sanctions on Wednesday on entities that it believes are involved in the illegal trade of Iranian petrochemicals and petroleum. In a press release, the U.S. State Department announced that sanctions would be imposed on seven entities in the United Arab Emirates (UAE), Turkey and Iran. The Department accused these entities of trading Iranian petroleum products and petrochemicals. Two vessels were targeted. In a separate press release, U.S. Secretary Marco Rubio stated that the action was taken against four sellers and one purchaser of Iranian petrochemicals valued at hundreds of millions...

Five sources familiar with the discussions said that Saudi Arabian officials were briefing industry experts and allies to explain the kingdom's unwillingness to support the oil market through further cuts in supply and its ability to handle a long period of low oil prices. Saudi Arabia's possible policy shift could indicate a move to produce more and expand its market share. This would be a major change, after spending five years balancing the oil market by producing a large amount of oil as a member of the OPEC+. These cuts helped to support prices and, as a result, the revenue...

Industry sources have confirmed that Abu Dhabi National Oil Company will begin replacing some of its liquefied gas supplies to India from June with cheaper U.S. cargoes, as U.S. China tariffs are reshaping global trade flows. ADNOC will be able to ship more LPG from its own production to China. Buyers in China are paying higher prices to replace U.S. supplies after Beijing raised tariffs on U.S. products. This move also reduces LPG costs for India. 2 importer. India imports more than 80% its LPG from the Middle East including Saudi Arabia and the United Arab Emirates. It also sources...

African Export-Import Bank launched a $3 billion revolving line of credit that will allow African and Caribbean buyers easier access to petrol, jet fuel, diesel and other products produced by refineries in the continent. It said that the bank expected the facility to provide trade finance of $10-14 billion over the first three years, and to help reduce the region's $30?billion fuel import bill. This year, both oil-exporting and import-dependent countries have seen their economies shook by the sharp drop in crude prices as well as a rise in freight costs. Brent crude has fallen more than 20% in price...

Three sources with knowledge of the situation have confirmed that several OPEC+ member countries will propose a second consecutive month of accelerating oil production increases in June. The oil price fell to a 4-year low in April. This was attributed to a U.S. - China trade war, and an unexpected decision made by OPEC+ (which brings together OPEC, Russia and other major oil producers) to increase production by 411,000 barrels of crude per day in May. This was three times the amount originally planned by the group. On May 5, eight OPEC+ member countries will gather to discuss the output...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks...

The oil prices dropped by about 1% after the nuclear talks between Iran and the United States progressed. This eased concerns that this dispute would reduce the supply of the Middle Eastern major producer. Brent crude futures fell 70 cents or 1.03% to $67.26 per barrel at 0030 GMT, after closing 3.2% higher on Thursday. U.S. West Texas Intermediate Crude was trading at $64, down 68 cents or 1.05% after closing up 3.54% the previous session. Last week, Thursday was the final settlement day due to the Good Friday holiday. Iran's Foreign Minister said that the U.S. had agreed to...

The oil prices fell more than 3% Monday, extending the losses of last week, as trade tensions between China and the United States escalated, stoking fears that a recession would lower demand for crude. Brent futures fell $2.28 or 3.5% to $63.30 a bar at 0049 GMT. U.S. West Texas Intermediate Crude futures dropped $2.20 or 3.6% to $59.79. Both benchmarks reached their lowest levels since April 2021 at the session low. Oil fell 7% on the Friday after China increased tariffs on U.S. products, intensifying a trade conflict that has caused investors to price in an increased probability of...